ArmInfo. The International Monetary Fund (IMF) has published a technical assistance report on the assessment of Armenia's public investment management system and climate-smart approach (PIMA and C-PIMA). This was reported by the press service of the Ministry of Finance.
According to the IMF, progress has been made in public investment and infrastructure management in Armenia since the previous assessment in 2018. Improvements have also been observed in the integration of climate-smart approaches into investment programs.
According to the source, Armenia's indicators compare favorably with countries in the region and countries in its income group. The IMF identified the effective project quality assessment system, multi-year budgeting, the fiscal framework, the comprehensiveness and coherence of the budget, and the availability of financing as comparative strengths of Armenia's public investment management system.
The report also examines progress in integrating climate factors into the public investment management system. Specifically, climate considerations are gradually being incorporated into sectoral strategies and building codes, and progress has been made in developing a budget climate labeling system. At the same time, the IMF noted the potential for more systematically incorporating climate factors into asset maintenance and management processes, as well as expanding disaster risk management mechanisms.
The assessment identified areas for further improvement of the public investment management system, including improved project prioritization mechanisms, more effective use of monitoring information, improved project appraisal guidelines, and a number of other areas.
Implementation of the proposed reforms is aimed at increasing the efficiency of public investment, improving budget execution, and strengthening the climate resilience of infrastructure.
